Advance remittance for rough diamonds: banks may allow guarantee-free payments subject to due diligence and reporting. Reserve Bank authorises AD Category - I banks to permit advance remittance without bank guarantee or standby letter of credit for imports of rough diamonds, replacing RBI notification of approved overseas mining companies. Banks may decide which overseas mining companies may receive such payments for importers (other than public sector or government entities), subject to safeguards: GJEPC recommendation, recognised importer status and track record, commercial judgment and bonafides checks, contractual direct payments to ultimate beneficiary, Kimberly Certification to avoid conflict diamonds, KYC/due diligence, and follow-up for Bill of Entry or equivalent import evidence. Reporting to the RBI regional office for large advances is required in the annexed format each half year.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Advance remittance for rough diamonds: banks may allow guarantee-free payments subject to due diligence and reporting.
Reserve Bank authorises AD Category - I banks to permit advance remittance without bank guarantee or standby letter of credit for imports of rough diamonds, replacing RBI notification of approved overseas mining companies. Banks may decide which overseas mining companies may receive such payments for importers (other than public sector or government entities), subject to safeguards: GJEPC recommendation, recognised importer status and track record, commercial judgment and bonafides checks, contractual direct payments to ultimate beneficiary, Kimberly Certification to avoid conflict diamonds, KYC/due diligence, and follow-up for Bill of Entry or equivalent import evidence. Reporting to the RBI regional office for large advances is required in the annexed format each half year.
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